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MI SB0031
Bill
AI Summary
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Adds Section 44h to the State Housing Development Authority Act of 1966 to authorize the authority to provide assistance when a foreclosure has been stayed under MCL 600.3116 or 600.3237
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Permits the authority to provide either a loan guarantee to the mortgage holder in the amount of the outstanding mortgage balance or a loan to the borrower to bring delinquent payments current
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Authorizes the authority to establish criteria for loans and require additional security from borrowers
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Requires funding for the loan guarantee or loan provision to be provided through the issuance of bonds under Section 25 of the act
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Bill does not take effect unless Senate Bill No. 29 of the 95th Legislature is enacted into law
Legislative Description
Housing; housing development authority; mortgage foreclosure extension guarantee program; allow housing development authority to offer. Amends 1966 PA 346 (MCL 125.1401 - 125.1499c) by adding sec. 44h. TIE BAR WITH: SB 0029'09
Housing, housing development authority
Last Action
Referred To Committee On Banking And Financial Institutions
1/28/2009